locked
Creating Brokerage Account RRS feed

  • Question

  • Can someone please tell me the proper way to create a brokerage account?
    Friday, November 23, 2018 3:11 PM

All replies

  • Go to Account List, select Add a New Account, select Investment Account, select Investment, and then select Investment again.  After you name the account it will ask you about setting up an associated  cash account.  Here's the Money Help entry that explains that:

    Track cash transactions for investment accounts
    If you use a money market account at your brokerage to pay for an investment (Assets such as stocks, bonds, mutual funds, real estate, or other items purchased for expected favorable future returns. ) purchase, and you receive the proceeds from an investment sale, you can track the cash transactions in Money. The cash balances are tracked in a type of Money account called an associated cash accounth account (The cash portion of an investment account in which you temporarily keep both cash for buying investments and the proceeds from investment sales.) . When you first set up a new investment account, Money tracks the cash balance by default.
    To change an investment account to track cash transactions, follow these steps:
    1. Go to the Portfolio Manager.
    2. Right-click the account, and then click See Account Settings.
    3. Under General Information, select the Track cash transactions check box.
    4. Enter the opening balance, and then click Done.

    Notes

    • Each time you buy or sell an investment, you can easily adjust the cash balance for the cost of the transaction. To do so, when you enter the purchase or sale in Money, type or select the associated cash account name in the Transfer from box (for a purchase) or the Transfer to box (for a sale).
    • To edit your original cash balance without adding a transaction, right-click the investment account, click See Account Settings, and then make your change in the Cash portion details area. To stop tracking cash transactions, under General information, clear the Track Cash transactions check box.


    Bill Becker




    • Edited by Bill Becker Friday, November 23, 2018 4:56 PM
    Friday, November 23, 2018 4:44 PM
  • Thanks Bill!
    Friday, November 23, 2018 5:08 PM
  • Gregg, if the broker is one of these, consider PocketSense to feed your transactions, holdings, and prices of holdings to Money.

    Here are some big brokers that provide the servers that make this work:

    Fidelity Investments
    Franklin Templeton Investments
    Schwab
    TD Ameritrade
    USAA
    Vanguard

    A few banks and many credit cards also provide the servers.


    Friday, November 23, 2018 8:55 PM
    Moderator